The majority of financial services firms don’t expect an economic recovery to take place until 2010 or later, with 34% saying they expect a rebound sometime in the first six months of next year and 32% pointing to a future date, a survey of 125 companies by Ernst & Young found.

Seventy-two percent said they were surprised by the severity of the downturn, and 70% said they were surprised by its speed. Fifty percent said they have not seen any improvement in their business over the past 12 months, but 30% said they had.

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